RICHMOND — After more than a year of discussions, Richmond has approved a plan for a 155-unit affordable housing apartment complex on Central Avenue at the El Cerrito border, but the developer said the project now has so many concessions, it no longer makes economic sense to build.

If built, the 6-story apartment building would be located at 5620 Central Ave., in the Richmond Annex, one of the fastest gentrifying neighborhoods in Richmond, according to a recent analysis by the Haas Institute for a Fair and Inclusive Society.

Most of the speakers at Tuesday’s meeting said they supported affordable housing, but attacked the project, saying it would add to congestion on an already busy street, create a parking nightmare, and even “block out” their sunlight.

“The sheer increase in population density will change the character of the neighborhood,” said Rebecca Goodberg, who lives nearby.

Others said traffic through the area was already terrible, with lights that are not timed along Central Avenue and plans to close the Interstate 80 onramp during peak hours as part of a Caltrans project to thin out congestion in the area.

Ultimately, the project was approved with three modifications, including more parking and more open space around the building and the nearby creek. That prompted the developer, Alexis Gevorgian, president of AMG & Associates, to say that it is unlikely the apartment complex would break ground because the modifications mean there would be fewer units.

“This is an affordable housing project and there are no public funds that can be used. When the costs go up too high, the project is off,” Gevorgian said.

“What happened last night was typical NIMBYISM, even in light of Bay Area’s housing crisis,” he added. “On the one hand, people are talking about landlords not raising rents, yet they don’t want to increase housing. The more housing you have, the more likely rents will go down.”

Gevorgian said he is considering resubmitting the project to the Planning Commission, but couldn’t say how the new proposal would be different from the original.

The proposed development is aimed at entry-level professionals, skilled trades people and service providers, earning $50,000 to $65,000 a year, city staff said.

Richmond Planning Director Richard Mitchell said the location was selected specifically because it is within walking distance to the Pacific East Mall, Costco and a Trader Joe’s store and only eight blocks from El Cerrito Plaza BART. He disagreed with opponents that an environmental impact report was needed, calling the area a former industrial site that is “consistent with uses already in the area, which is housing, housing and more housing.”

In 2012, Richmond adopted a General Plan that focused on adding density in various parts of the city, especially those located near existing commercial corridors, as a way of growing sustainably. But residents have been critical of many of the proposed residential and commercial projects, often citing traffic, noise and density in their opposition.

On Tuesday, Mayor Tom Butt struck back against the critics, saying increasing urban density would help preserve other areas.

“By building up density in areas that can handle it, we’re not building in cow pastures,” Butt said, adding that increased density boosts jobs, stores and other amenities, while reducing traffic.

“We’ve had two housing projects come before the council in recent months and people have criticized them,” Butt said. “At some point, we have to move ahead with our general plan, which has been adopted, or amend it to a plan that’s aimed at a smaller city.”

But Councilwoman Gayle McLaughlin said the city shouldn’t blindly accept what private developers impose.

“If this developer can’t make enough money at or around 100 units to proceed, we should help the landowner find another developer,” she said. “The purpose of our general plan is to create the city we want, not to passively accept what private developers want to do.”

Jobs for all income levels and additional housing for local residents were themes that dominated a meeting of the Station Area Advisory Group, a citizen panel attempting to compile community input and craft ways Google could develop a transit-oriented community near the Diridon train station.